Andhra Bank net profit of Rs 262.85 cr in Q2

Hyderabad, Oct 26: The Public Sector Andhra Bank today reported a net profit of Rs 262.85 crore for September 2006 compared to Rs 218.06 crore for September 2005, recording a robust growth of 20.54 per cent.

Releasing the Bank's working results, its Assistant General Manager Mathew Joseph said the Bank's total income grew to Rs 1762.49 crore from Rs 1252.54 crore during the corresponding period in the previous year.

Mr Joseph said the gross Non-Performing Asset (NPA) declined to Rs 416 crore (1.78 per cent) from Rs 435 crore (2.27 per cent).

The net NPA stood at Rs 23 crore (0.10 per cent) against Rs 48 crore (0.26 per cent) during the corresponding period last year.

The Bank's business increased to Rs 56,113 crore, recording a growth of 14.47 per cent, he said and adding that low cost deposits grew to Rs 12,941 crore registering a growth of 20.71 per cent over that in the corresponding period last year.

While gross bank credit grew by 23.22 per cent to Rs 23,600 crore, the total deposits increased by 8.85 per cent to 32,513 crore, he added.

UNI